Business lessons from boocom

1 Launching a new business requires a solid business plan and business model. No matter how conversant the business founders are with the sector, the business plan is inevitable.

2 It is important to thoroughly understand the market environment before launching a new business, especially in an emerging sector such as the Internet.

3 Any company that desires to sell fashion goods must first create a BRAND with well-defined dimensions of Brand Concept, Brand Identity, Brand Personality and Brand Image. If a fashion company fails to do this, then they might as well be ready to become a supermarket brand.

4 Selling fashion online requires intricate strategic elements that must be implemented to compensate for the lack of human, sensory and atmospheric features found in offline stores. Chapter 6 of this book provides more insight into this.

5 The management style and leadership of a company makes or breaks the company.

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